It’s a challenging feat for most. Say you can set aside S$2,000 monthly, you’d still need a tough and risky 14.1 per cent return on investment to accumulate S$500,000 within a decade.
The target sum for financial freedom would be S$725,700, or S$362,850 each equally divided, and likely a more realistic goal for many. It’s a useful data-point for young couples to start planning even if they likely spend more than retirees.Examining these numbers, my ambition as a bachelor might have been extreme. A single professional today can start saving less aggressively and update their strategy to share the load with a like-minded soulmate when the time comes.
We tried to live only within the dividends, which meant little “excess savings” and we struggled to put funds into her Child Development Account. Would you spend this much as you get greyer? Might you have future goals of upgrading to a bigger house? Will adult children continue to live with you?Perhaps the key thing to remember is many of us cycle through all three life stages described – each with its own demands and considerations.
In Singapore, we are fortunately in a system that doesn’t tax capital gains or dividends, with real estate investment trusts on the stock market structured to pay up to four times a year. You can build a conservative portfolio of blue-chips, REITs, and business trusts could potentially yield 5 to 7 per cent, based on SGX dividend yield information.
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